CBN urges states to partner BoI on small businesses

Bank of Industry, Headquaters, Abuja

Bank of Industry, Headquaters, Abuja

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The Central Bank of Nigeria (CBN) has urged state governments to utilise facilities offered by the Bank of Industry (BoI) for the growth of small businesses in their domains.

This, the apex bank said, would speed up industrialisation and economic growth of the country.

Assistant Director, Development Finance Department, CBN, Mr. Babatunde Ogunleye, gave this advice in Uyo, Akwa Ibom State during a three-day workshop on “Promoting Financial Stability and Economic Development” for farmers, cooperative societies, business entrepreneurs, industrialists, market women, bankers and civil servants.

The CBN chief however, lamented that some states do not have BoI local branches, adding that if there is a BoI branch in a state “the speed of doing business will be fast and costlow.”

Ogunleye argued that the BoI, with the primary mandate to finance the processing of raw materials and industrialisation of the nation is better positioned to help the small and medium scale enterprises (SMEs).

Director of Consumer Protection Department of CBN, Sani Bako Mohammed, said customers have the right to information, choice, safety, redress, privacy and confidentiality and good service from any bank of choice.



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